Agreement with the Venezuelan oil giant

In Venezuela, it was announced that following the decision to ease US sanctions, a contract was signed with the oil giant Chevron for the extraction of Venezuelan oil.

In a post on his Twitter account, the Venezuelan Oil Minister, Tareck El Aissami, stated that Chevron held a “successful working meeting” with the Venezuelan president, Javier La Rosa, and noted that the company will celebrate its 100th anniversary in the country in 2023.

“In the next few hours, as we always do, we will sign contracts that will encourage the development of joint ventures and oil production under the terms established by the Constitution and other Venezuelan laws,” said Aissami.

OIL PRODUCTION TARGET OF 2 MILLION BARRELS PER DAY

Recalling that the country produced 717,000 barrels of oil per day in October, Aissami said this was well below their target as a government and they wanted to get to 2 million barrels of oil per day by the end of the year after the deal.

In a statement issued by the United States on November 27, it was announced that Venezuela had decided to ease oil sanctions to support the parties’ agreement.

The US Treasury Department has reportedly granted oil giant Chevron limited permission to extract Venezuelan oil in support of the deal.

A senior US official, who briefed reporters on the matter anonymously, noted that the easing of sanctions was not linked to the administration’s efforts to increase global energy production after the Russia-Ukraine war and not it is expected to affect world energy prices. (AA)